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Section 20: Power to call for repayment before agreed period.

The National Housing Bank Act, 1987Central Act · Act 53 of 1987

Notwithstanding anything to the contrary contained in any agreement, the National Housing Bank may, by notice in writing, require any borrowing [institution] to discharge forthwith in full its liabilities to the National Housing Bank--

(a) if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or

(b) if the borrowing [institution] has failed to comply with any of the terms of the agreement with the National Housing Bank in the matter of the loan or advance; or

(c) if there is a reasonable apprehension that the borrowing [institution] is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or

(d) if for any reason, it is necessary so to do to protect the interests of the National Housing Bank.

Where this provision sits

ActThe National Housing Bank Act, 1987
Section20
Marginal notePower to call for repayment before agreed period.
JurisdictionCentral
StatusIn force as published by the source

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

  • substituted, Act 15 of 2000. . Subs. by Act 15 of 2000, s. 12, for "housing finance institution" (w.e.f. 12-6-2000).

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